Sensex Gains 376 Pts, Nifty Up 84 Pts on September 9, 2024

Nifty ? ? ? ??24,936 [+84.25] 0.34

Sensex ? ?81,559 [+375.61] 0.46

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Reasons for Market Up?

• The Indian stock market saw gains today due to value buying in heavyweight stocks like ICICI Bank, ITC, HDFC Bank, and Hindustan Unilever (HUL), which had recently corrected and offered attractive valuations.

• Key indices such as the Nifty FMCG and Nifty Bank indices rose significantly, driven by strong performances from FMCG giants and major banking stocks. HUL’s surge to a lifetime high contributed notably to the FMCG index's 2.04% increase.

• The market's positive outlook is supported by sustained economic growth and increasing domestic investor participation, which supports selective buying of quality stocks despite global uncertainties.

Top 3 Stocks That Gained The Most?

Nifty?

HUL:? +2.85

Shriram Finance:? +2.30

ICICI Bank:? +2.09

Sensex

HUL:? +2.95

ICICI Bank:? +2.43

ITC:? +1.96

Sectors of the Day?

Nifty FMCG:? +2.04

Nifty Private Bank:? +1.12

Nifty Bank:? +1.07

• Shriram Finance rose today due to its strategic announcement to raise $1 billion over the next six months for expansion. This positive development has boosted investor confidence.?

• Hindustan Unilever (HUL) shares surged today after the company announced a review of its global ice cream business. The decision to potentially separate this segment from Unilever’s broader portfolio boosted investor optimism, also driving the Nifty FMCG index to a new record.

IPO Performance

• Trafiksol ITS Technologies Limited IPO will be open for bidding from September 10, 2024, to September 12, 2024, with shares priced at ?66 to ?70 per share.?

• SPP Polymer Limited IPO will be open for bidding from September 10, 2024, to September 12, 2024, with shares priced at ?59 per share.?

• P N Gadgil Jewellers Limited IPO will be open for bidding from September 10, 2024, to September 12, 2024, with shares priced at ?456 to ?480 per share.?

Key Events to Track For 10th September 2024?

• Monitor international markets for any significant developments or trends that could impact Indian markets.?

• Keep an eye on scheduled economic data releases such as GDP figures, industrial production data, or inflation reports, as they can influence market sentiment and direction.?

• Track earnings announcements from major companies across sectors, to gauge the health of the corporate sector and anticipate market reactions.?

• Stay informed about any policy announcements or decisions by the Indian government, as they can impact market sentiment and specific industries.?

• Stay updated on global events as they can affect Indian markets and investor sentiment.

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